Given the current economic scenario, the Finance Minister has presented the best budget focusing on aspirations, economic development and caring society. Steps to revive the economy will help attain the targeted growth rate for the next year.
Focusing on Goa, infra spending on cold storage, logistics and other areas would help the fisheries sector of the state. Encouraging Farmer Producer Organisations for Fisheries is also a welcome step for the state.
Better disposable income due to lower personal income tax will help consumption and tourism in the state.
Simplification of tax slabs and rates will leave disposable income in the hands of the taxpayer.
Development of India as a world class higher education destination will have a huge long-term impact on the nation both in terms of net revenue and in terms of global talent.
--- Lalit Saraswat, Chairman, CII Goa State Council
The union budget has nothing for Goa. It does not give impetus to the tourism industry nor does it declare a financial package to help Goa tide over revenue loss due to mining closure. The budget has failed to take care of Goa's needs and interest.
--- Yatish Naik, General Secretary, Goa Pradesh Congress Committee
The FM presented the longest and seemingly most uninteresting budget in the beginning of this new Century.
This lacklustre budget gives full confidence that the government has given up all its efforts to revive the economy. Budget is anti-common man, considering reduction in food subsidy and fertiliser subsidy and slashing budget on mid-day meals and MGNREGA Scheme.
Very frustrating for youth as no efforts for creating employments nor there is any boost for job creating sector. The honest tax payers have lost all hopes of either higher deductions and lowering of tax burden.
Budget has nothing for Goa, not even to revive our economy, neither for our tourism nor for mining sector. Goa’s BJP Chief Minister has also failed to get any new projects sanctioned for our State despite his party government being in power.
--- Girish Chodankar, President, GPCC
Goa ailing legal aid system needs to be revamped
The all important good that is always expected from a Union Budget is the tax rates on Income. This budget on the face displays the sops by way of reducing tax liabilities on various slabs and on the other hand withdraws the standard deduction/exemptions. When the option is given to the taxpayers to either stay with the old tax rules with deductions/exemptions or accept the new system of taxation, one wonders if at all there is any relief to the taxpayer.
As far as Goans are concerned in particular, the increase in number of days of stay abroad from 182 to 240 days (for NRI status), will make scores of our NRI brothers and sisters liable to pay taxes on their Income.
--- Savio Coutinho, former chairperson, Margao Municipal Council
Complete silence on unemployment. Finance Minister Nirmala Sitharaman has given a long talk but without any plan of action.
--- Digambar Kamat, Leader of Opposition
This is not at all holistic budget and there is nothing in it. The Union government has even failed to give a boost or to promote BJP's ideology in the budget. There is nothing much in the agriculture sector. Union Finance Minister Nirmal Sitaraman personally knows that there is nothing in the budget. Minister has failed to complete the speech on budget and that means the government has no strength to present the budget itself. It looks like Union government is copying the model of Goa, that is the way late Manohar Parrikar has no strength to present the budget in the assembly.
-Alexio Reginald Lourenco, MLA Curtorim
Sensex down by 1000 points, nifty down by over 300 points that means the budget failed to impress the market slashing the income tax slap will not help the economy to grow immediately but need to boost the banking and farming sector to get back the economy on the track.
-Dixon Vaz, Spokesperson Goan Seafarers Association(India)
For Startups, deferring of tax on employee stock option for five years or till they leave the company or when they sell whichever is earliest would go a long way in encouraging start-ups. Abolishing of dividend distribution tax will send right signal to global investors. Option of new income tax structure could marginally reduce individual tax payout and would lead to increase in spending power of individual that may spur demand off take. However, a detailed study should needs to be done on the effect of doing away with the exemptions under this option. Keeping long term capital gain tax intact was a little disappointing
-Cyril Desouza, Assistant Director - Trade Promotion, World Trade Center Goa
CM hails Union Budget